TEHRAN: Iranian oil minister Bijan Zangeneh said Saturday the country will increase its oil production capacity by at least 1.7 million barrels per day (MMBPD), providing Tehran is successful in reaching deals with foreign partners, If the talks reach fruition, we will ramp up the country’s crude oil production capacity by over 1.7 MMBPD, which is a difficult job to do as only as section of the task is on us (the oil ministry), and the rest depends on political conditions both inside and outside of the country,” he said, in a televised interview. The third-largest OPEC producer is currently exporting over 2.5 MMBPD of crude oil and gas condensate, Zangeneh said. The country’s exports rose by roughly 60,000 BPD since the beginning of the current Iranian calendar year, on March 21, 2017.
The official noted the increase in both oil production and exports have taken place as planned, but he’s “concerned about future years if not enough investment is made in the sector.”
